Many people are familiar with property managers – they collect your rent every month. However, there is much more to the role of a property manager than you might be familiar with, including their qualifications, requirements, and day-to-day property manager responsibilities. To understand how to become a property manager, first, you must understand the role of a property manager.
Property Manager Responsibilities
A property manager is a third party hired to handle the daily operations of a real estate investment. They look after buildings, housing, industrial spaces, and a variety of other properties to make sure everything is running smoothly. The more well-known positions of property managers are usually those that manage properties ranging all the way from single-family homes to large apartment complexes. Property manager responsibilities depend on the type of real estate, but the majority of them are responsible for rent, tenants, and maintenance.
- Setting the initial rent for the property
- Collecting the rent from tenants
- Occasionally adjusting the rent by a percentage
- Screening potential tenants
- Maintaining current tenants
- Handling leases
- Dealing with complaints and emergencies
- Handling move outs
- Dealing with evictions
- Maintaining regular maintenance
- Making repairs when necessary
- Supervising other employees
Photo Source: RentFax
Every property manager may have a unique set of responsibilities besides what is listed above, but the qualifications and necessary skills to become a property manager are similar all across the board. One of the first and foremost essential skills required for a career in property management is customer service skills. Property managers are constantly working to retain the current tenants, as well as attain new ones. Along with this, negotiating skills come into play when it comes to working out deals with potential tenants. There are also organizational skills necessary to being a property manager – there is a lot to balance and handle throughout the day-to-day, and if you can’t stay organized, it may be difficult to keep up.
Becoming a Property Manager
There are, of course, requirements that have to be met legally and educationally for a career in property management. For example, a high school diploma is enough to get started in a few places, but you’ll find that those with a bachelor’s degree or vocational real estate training are preferred. The range of degrees you could get includes business administration, finance, or real estate. Of course, anything similar is helpful as well. Though different in every state, there is also a real estate broker’s exam that is required in most states.
Now you know the basics of becoming a property manager, the responsibilities, the qualifications, and the skill-set necessary to be a successful one.